Marketing Fundamentals: Exploring Key Terms and Concepts

This assignment provides definitions for a wide range of marketing terms. It begins by differentiating between a consumer and a customer, and then explains the various types of markets, including consumer, business, and global markets. The assignment delves into the task and broad environments influencing marketing, along with the concept of eBusiness. It then defines core marketing concepts such as market research, market segmentation, the marketing mix (product, pricing, promotion, and placement), product life cycle, and unique selling proposition (USP). The assignment also touches upon qualitative and quantitative research techniques, basic and applied research, and the importance of marketing objectives and strategy. It references sources on marketing objectives and the marketing process. This assignment serves as a foundational guide to understanding essential marketing terminology and concepts.

By: Fathima Nuzha

—Consumer:There are many facetsof this Marketing Terms
consumers.In business perspective person who directly deri
the utility of the productis referred to asconsumer.Every
consumer possesses some budget & it is their desire to obt
maximum utility from that budget.Therefore it is the effort of
the marketer to understand the choices, preferences, inter
sensitivity of the consumer in order to make his utility high
—
Customer:Customeris that individual who decides the
purchasingof particularproduct in the market.It is not
necessary that every customer should also be consumer of
product. Sometimes the customer purchasing particular pr
is different from the consumer of that product. The main po
that the customer always makes the purchasing decision.

—Consumer Market:The selling ofgoods & services to
consumers like TV sets, tooth pastes and soft drinks e
called consumer market. It require much time in
developing successfulsuperior brand image in consumer
product marketing.
—
Business Market:The selling of goods & servicesto
customers who are experienced in evaluation of offeri
competitors is covered in the area of business markets
—
Global Market:GlobalMarket is the selling ofgoods &
servicesbeyond the frontierborders.There are certain
tough decisionsthat are faced by the marketerswith
respect to global marketing.

—Task Environment:Following elements are included in
the task environment which assists in the manufacturi
distribution & promotion. Distributors, Suppliers, Dea
Immediate actors
—
Broad Environment:In broader environment following
elements are considered.Naturalenvironment,Economic
environment,Demographicenvironment,Political-legal
environment,Technologicalenvironment,Socio-cultural
environment
—
eBusiness:Using digitaltechnologies (Web,Phone,etc.)
to interact with customers, suppliers, employees, part
competitors, and other stakeholders.

—Marketing:The process or technique of promoting, sell
and distributing a product or service.
—
Mass market: Mass marketing is a market
coverage strategy in which a firm decides to ignore m
segment differences and appeal the whole market with
offer or one strategy.
—
Niche market: A niche market is the subset of
the market on which a specific product is focused.
The market niche defines as the product features aime
satisfying specific market needs, as well as the price r
production quality and the demographics that is inten
to impact. It is also a small market segment.

—MarketResearch:Marketresearch isthe processof
systematicgathering,recording and analyzing ofdata
about customers, competitors and the market.
—
Market Segmentation:Market segmentationis the
process in marketing ofdividing a marketinto distinct
subsets (segments) that behave in the same way or ha
similar needs. Because each segment is fairly homoge
in their needs and attitudes,they are likely to respond
similarly to a given marketing strategy.
—
MarketingMix: The marketer must decide about
the Marketing Mix for the organization.Marketing mix
include the following four elements.

—Product:The Productmanagementand Productmarketing
aspects ofmarketing dealwith the specifications ofthe actual
good or service,and how it relates to the end-user’s needs an
wants.
—
Pricing:This refersto the processof setting a price fora
product, including discounts. The price need not be moneta
it can simply be what is exchanged for the product or servi
time, or attention.
—
Promotion: This includes advertising,sales promotion,
publicity, and personal selling, and refers to the various me
of promoting the product, brand, or company.
—
Placement: Refers to how the product gets to the custome
example,point of sale placement or retailing.This fourth P has
also sometimes been called Place,referring to the channelby
which a product or service is sold (e.g.online vs.retail),which
geographic region or industry,to which segment (young adults,
families, business people), etc

—Product Life Cycle: Products,like people,have life cycles.The
productlife cycle is broken into four stages:introduction,
growth, maturity,and decline. This concept is used by
managementand by marketing professionalsas a factor in
deciding when it is appropriate to increase advertising,reduce
prices, expand to new markets, or redesign packaging.
—
Unique Selling Point (USP): USP or unique selling propo
is a marketing term which highlights the value ofa company's
offering and how they are different from a competitor in a u
way.

Qualitative research
technique
This is the research technique in which results are evaluated on the basis of the underst
of the market rather than the measurements. Using a small sample size results can be ev
in this research technique on the basis of which results can be evaluated by the company
strategies in relation with the market can be prepared accordingly (McDonald, 2010).
Quantitative research
technique
This is the research technique in which size of the market matters and focus is dependen
the measurements. There are various factors that are to be looked upon by the company
this research technique they are: size of the market, segmentation, often purchasing, bra
awareness, brand shares and distribution levels. Data is collected and the results are pre
in numbers which helps in making effective set of decisions in relation with the strategie
the company has to make for the sustainability in market (Mercer, 2013
Basic research This is the research that is applied so as to prove the scientific research aspects which h
improving the predictions of natural and other phenomenon related with the business an
market.
Applied research With the help of applied research specific and practical problems of the individuals are
resolved. This type of research is mainly done by the companies indulge in the medical fi
by the education institutes so as to find the solution of the disease or to solve any kind of
scientific problems (McCarthy, 2012).
Primary research Primary research is the research which is done by the companies present in the market t
collect the fresh data related with the market. In this research surveys are done with the
interviewing the people or asking them to give their feedbacks regarding the products a
services provided by the company to the customers. Company directly asks the customer
provide their suggestions in relation with the products and services it is providing.
Secondary research It is the research which is done by the company on the basis of the previous data. Comp
could make the assumptions on the basis of various factors like previous sales, evaluatin
number of increase in the customers in the store, etc (Kotler, et. al., 2014).

—Marketing Objectives
Marketing objectives must state clearly what to achiev
specific time frame.For example,a marketing objective
could state,“We willincrease sales by 20 percent in the
next quarter.”Objectivesmust be measurable.Simply
stating, “We will improve sales” does not set an object
—
Marketing Strategy
Marketing strategy tellshow to achieve the objective.
Increase sales by 20 percent, for example, does not te
to do it. Must come up with a method for achieving wh
want. A marketing strategy could involve offering
discounts for multiple orders from customers,or it might
involve placing advertisements in regional magazines
billboards. The strategy details what actually going to
achieve the objectives.

—Johnston, K. (2019). How a Marketing Objective Differs From a Marketing
Strategy. Available: https://yourbusiness.azcentral.com/marketing-objective-diffe
marketing-strategy-5268.html. Last accessed 26th Jan 2020.
—
N/A. (2019). Flowchart Marketing Process. Available:
https://www.conceptdraw.com/examples/what-is-a-market-flowchart. Last accesse
26th Jan 2020.
—
N/A. (2018). Marketing Intelligence and Research Assignment.Available:
https://www.locusassignments.com/solution/unit-17-marketing-intelligence-resea
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